Federal Reserve Chairman Jerome Powell holds a press conference to explain why they have decided to keep the official interest rate, the federal funds rate, unchanged in the 5.25-5.5% range and answers questions.
“We’ve made enough progress on policy that the risks are now more two-sided.”
“Letting higher inflation expectations take hold is a recipe for misery.”
“It’s clear that inflation expectations are in a good place.”
“People believe that inflation will go down, that is essential to winning the battle.”
“Wage increases have come down a lot in the last 18 months.”
“Wages are not the main driver of inflation so far.”
“In the future, the labor market may become more important for inflation.”
About Jerome Powell (via Federalreserve.gov)
“Jerome H. Powell first assumed the role of Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was re-elected to the position and sworn in for a second term. four years on May 23, 2022. Powell is also Chairman of the Federal Open Market Committee, the System’s main monetary policy body. Mr. Powell has been a member of the Board of Governors since his inauguration on May 25, 2022. May 2012, to fill an unexpired term. He was re-elected as a member of the Council and was sworn in on June 16, 2014, for a term that ends on January 31, 2028.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.